Over the past few weeks, several US banks have pulled off from lending to Oracle for expanding its AI data centres, as per a report.
  • Mwa@thelemmy.clubEnglish
    5 hours

    this may be one of the early signs of a burst(besides the economy falling due to that one war i think?)

  • SocialMediaRefugee@lemmy.worldEnglish
    7 hours

    They fired people for AI, now they fire them without AI. Please tell me how they plan on sustaining an economy where only the 1% has discretionary income?

      • Randelung@lemmy.worldEnglish
        41 minutes

        Control instead of trust, a problem as old as time. Trust would lead to prosperity, control, if not absolute, will always eventually fail - and it’s never absolute.

    • 7101334@lemmy.worldEnglish
      7 hours

      It’s gonna suck for the working class WAAAAAAAAAAAAAAAAY more than the people who will lose their fortunes as a result of the bubble popping

      sorry

      it always does

      Michael Saylor, one of the biggest owners of one of the other “doesnt actually do anything” bubbles - Bitcoin - is a great example. He made a fortune during the dot com bubble.

      With that said, if I have to eat hard tack and canned beans and use leftover charcoal from the park BBQ grills instead of toothpaste in order to never have another AI bullshit feature shoehorned into my existence, it might be worth it

  • Hanrahan@slrpnk.netEnglish
    11 hours

    I was listening to a finance YT vid last night and the dude said if it wasn’t for the enormous AI spend, the US would be deep in a technical recession now.

    obviously the fault of immigrants and those on food stamps though /s

    • SocialMediaRefugee@lemmy.worldEnglish
      7 hours

      Those damn immigrants taking up all of the best landscaping, slaughterhouse, roof tarring, and crop picking jobs.

      • andallthat@lemmy.worldEnglish
        10 minutes

        Ironically the only jobs that Anthropic and OpenAI claim AI won’t take. All those newly minted AI billionaires and nobody to maintain their golf courses… How sad is that?

    • Rooster326@programming.devEnglish
      11 hours

      We are in a deep recession?

      The enormous AI spend isn’t going to me, or you, or anyone I ever met.

  • ZILtoid1991@lemmy.worldEnglish
    14 hours

    It’s happening!

    (I might make a meme video featuring Bob Ross smiling in front of a nice greenery, while some nice music playing.)

  • rumba@lemmy.zipEnglish
    20 hours

    If the banks don’t see the value in it, it’s only a matter of time

  • InvalidName2@lemmy.zipEnglish
    21 hours

    Sucks to be in tech right now. I’m sure there are still pockets of good employers with happy, confident worker bees, but those are few and far between as best I can tell.

    Pretty much everybody I know and speak with regularly who is working in the tech industry or a tech role in general is feeling the strain.

    Layoffs. Remaining employees have to pick up the additional workload of people who were laid off. Threats of future layoffs. Hiring freezes. Bonuses slashed or cut entirely. Little or no raises, not even cost of living increases. Demotions, in some cases. Expected to use LLMs to do things that LLMs have no business doing because management is clueless on the topic and expects everybody who is “good with computer” to be an AI expert. And the list goes on.

    And then as already mentioned elsewhere, there are almost no true entry-level positions opening up, so new grads are really struggling to get established in the industry. It’s particularly sad because this is so short-sighted and the negative impacts have the potential to be quite severe.

    • HubertManne@piefed.socialEnglish
      14 hours

      This is worse than 2008 and I remember back then I was let go and the other guy was not and we sorta debated which would be worse off. This is way worse though. I would say at least twice as bad at this point. Funny thing was no one realized the trouble we were in in 2008 it was really like 2010 by the time it was really felt. On hindsite they are going to be talking about the collapse in 2025.

      • 7101334@lemmy.worldEnglish
        7 hours

        I’m not an economist, so I don’t know shit about fuck (though most economists don’t either tbf), but some people are comparing this to the railway bubble. Shit’s (potentially) so bad that they don’t even have a comparison from within our lifetimes to point to.

    • jkercher@programming.devEnglish
      19 hours

      Easy win for companies that didn’t buy into the hype. I’m the only dedicated software dev at my company, so there was no middle manager to foolishly think a chat bot could do my job. We are a small company that can compete with big players, and those big players appear to be floundering. Now, we are expanding.

  • tal@lemmy.todayEnglish
    2 days

    Note that the article is from the beginning of February.

  • Jankatarch@lemmy.worldEnglish
    19 hours

    You should be able to sue companies for gambling away their employees’ lives like that.

      • ℍ𝕂-𝟞𝟝@sopuli.xyzEnglish
        5 hours

        It’s not unheard of, in certain cases in certain more civilised states it does happen.

        The state should be able to sue as layoffs put strain on the social system.